THE Hearts director faced a grilling from the media yesterday, as the Tynecastle outfit face a £450,000 tax bill that could see them shut down by the end of next week.

HEARTS are in as much deep water as the K19 submarine Vladimir Romanov served on during his time with the Soviet Navy.

But with his club sinking fast, the Lithuanian owner has yet to surface in Edinburgh.

Instead, as the Tynecastle outfit face a £450,000 tax bill that could see them shut down by the end of next week, Romanov left it to director Sergejus Fedotovas to explain the club’s perilous predicament.

He’s asked Jambos fans to stump up the cash to stave off extinction but admitted they’ll get NOTHING in return.

And Fedotovas says that even if £2million is raised by supporters to keep the club going until May – he can’t guarantee long-term survival with a potential £1.75m tax bombshell around the corner.

The man, who is the face of Romanov’s regime, was grilled by the media yesterday and here’s what he had to say:

How did the club end up in this mess?

“It’s simple. Our budget for this year was for £6m income but there is £8m of costs. So there is a £2m difference.

“That is what we have to address through the share issue.

“That £2m is the smallest gap we’ve had in a number of years. If I remember correctly, the club has had funding gaps before of around £10m or £12m.

“The companies of Mr Romanov have cleared around £20m of debt from the club’s balance sheet while the wage bill has been reduced from £8m to £4.5m.”

Should the club not have set the budget at £6m in and £6m out?

“The thing is, some contracts are longer and we can’t cut them without consequences. Correct me if I’m wrong but we were selling players but it’s not a supermarket.

“The transfer income has dropped in Scotland, that’s the reality. We have a different situation to a few years ago. We cannot expect that all our players will attract transfer revenue.”

What has been the response to the club’s plea for cash and what needs to be done to ensure next week’s game against St Mirren isn’t your last?

“We have had a positive response. The numbers have picked up for the share issue and for the tickets. So that gives us a lot of optimism.”

The fans will get very little back for their money. It’s just a donation to save the club, is it not?

“Pretty much it is, yes.

Sergejus Fedotovas and Vladimir Romanov

Should fans not be getting something for their money, like a controlling stake in the club from Mr Romanov?

“We must address the financial situation then we can consider what is a priority for the next step.

“Based on the first step, we can make further steps. From the first day, to offer 50 per cent of the club for sale, that would be a huge leap of faith.”

Does Mr Romanov feel guilty about what has happened?

“If we take the history, he came in here and made the decisions required to keep Tynecastle and to keep the club alive.

“Over that time, he’s invested a lot of money into the club. Wages have gone up, we’ve seen many great players, we’ve seen many great games.

“After that, we’re sitting today in a position where he has reduced the debt. We’ve changed the situation with the budget. We’re nearly in the position where we don’t have players over the normal level of wages in Scotland.

“We’re sitting here with two Scottish Cup wins, European runs, Tynecastle as the home of the club – and seven years have passed.

“We’ve been able to prolong the life of the club. We’re in a good position. With the supporters helping out, we will ensure this club has a future.”

But Mr Romanov has spent money the club can’t afford and now it’s at death’s door?

“If it wasn’t for Romanov, that could have happened seven years ago. Would you have preferred that? If you ask the fans, they would probably not agree. The club could be dead in many ways. Selling the stadium, going to play somewhere else, that would definitely have decreased the number of supporters.

“Where would that lead the club – would they be in the Third Division now? Probably. Would that be a solution for everybody? I don’t think so.”

How confident are you that this £450,000 tax bill can be paid?

“We are confident but a lot of hard work needs to be done in order to achieve a successful future.”

What about the potential tax bill of £1.75 million?

“That’s a completely different thing. We plan to challenge it.”

Could that put the club under?

“I don’t want to speak about it because it’s an absolutely different perspective.”

But surely if it can potentially kill the club, it’s all linked?

“That’s a risk which has been disclosed in our brochure. If it goes against us, we’ll need to address it, need to fund it.”

Will you then ask the fans for more money?

“I can’t tell you at the moment.”

Is another option to sell Tynecastle?

“We’ve never even considered it. There are several options open to us in trying to raise funds. If we have an understanding that we’ll be facing a negative solution, we’ll have to address it.”

If the Hearts fans raise £2m from the share issue, can you guarantee the club won’t go under?

“If the fans raise £2m, that will see the club safe for the season. Next season is a fresh start.

“The petition from HMRC is something that was really unexpected for us.

“HMRC was made aware we were launching a share issue. And we had an understanding with them that they would allow us to take a run with the share issue that would allow us to pay them.

“So their decision was totally unexpected and I cannot understand the logic or motivation behind it.”

Has the Rangers situation had a negative effect on Hearts?

“Obviously, it hasn’t helped. Other clubs say they are meeting payments on time but I can’t be absolutely sure about that. Whether Scottish football is improving is a big question. Or are we, step by step, in boiling water?

Have Rangers paid the money you’re still owed from Lee Wallace early?

“If someone is speculating that they’ve paid something to Hearts, that’s not true. We are still due money on Wallace. That is just one example. There is a substantial amount of money that this club will be receiving in a few weeks’ time, then another month later.

“We need to stand firm and, without the help of fans, we won’t be able to reach a solution. That is why we need their help.”